LFB was approached by a repeat client looking for working capital on a mid-construction project of two luxury homes in Venice Beach, CA. The project was underway, with demolition and grading completed, and foundations beginning. Given the clients existing portfolio and number of active projects, a request for working capital was made to get through the delays associated with Covid-19 impacts. LFB was able to source an equity injection from an investor to secure such working capital, keep the project moving and on time.
The completed project will be two 3,000 square foot modern condos featuring 15 foot high ceiling, 1,400 square foot loft-like great rooms and a 650 square foot roof top terrace with fire pits. The expected exit price for each unit is $3,000,000.